October 22, 2019 / 11:49 AM / a month ago

NextEra Energy's quarterly profit rises 12% as investments pay off

(Reuters) - NextEra Energy Inc (NEE.N), the world’s largest producer of wind and solar energy, reported a 12% rise in profit on Tuesday as its investment in electric utility Florida Power & Light Company paid off and it cut costs at the recently-acquired Gulf Power.

The Florida Power & Light unit, which serves more than 5 million customers in Florida, reported net income of $683 million in the quarter, up 4.4% from a year earlier.

Juno Beach, Florida-headquartered NextEra said its cost cuts at and investment in Gulf Power remain on track.

NextEra Energy Resources, the company’s subsidiary which uses renewable sources such as wind and solar to generate energy, added 1,375 megawatts of renewables projects, bringing the total to 12,300 megawatts.

Adjusted earnings rose to $1.16 billion, or $2.39 per share, in the third quarter ended Sept. 30, from $1.04 billion, or $2.17 per share, a year earlier.[bit.ly/33SQMuU]

NextEra’s revenue rose 26% in the quarter to $5.57 billion.

Reporting by Shradha Singh in Bengaluru

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